Citibank; Citigroup Citibank raises rates on my platinum select credit card Sioux Falls South Dakota

Credit cards operate under revolving credit regulations. The terms and conditions for just about any credit card in existence state that the issuing bank can control the rates, control the minimum payment and basically control everything about the terms at their whim. This is nothing new. Credit cards have operated under these rules for decades.

What surprises me are two things. One, that people actually agree to borrow money under these terms. And two, that they are surprised when a bank does exactly what they said they would do in the card agreement.

If you were buying a car or a house, would you agree to loan terms where your interest rate or monthly payment could change with 30 days notice? Of course not. That would be stupid. Yet folks seem to have no problem running up credit card balances under those same terms.

If you're smart, you won't complain about a particular bank (Citi in this case) jacking up rates and take your business to some other bank. The banks are all the same in this regard. The real smart move is to get rid of that credit card balance and vow never to carry a balance on a card again. It's a suckers way to borrow money and the banks know this.

Rate was hiked for no reason except that Citi needs to make ends meet because the executives have drained all the spare cash. I have excellent credit, no late payments, no balance, and still got my APR rate jacked high. They only give you a month to prepare for the hike in rates. It's not like I am going to go through the hassle of changing cards, so I guess I have to just take it.

The part that gets me is that they send a pamphlet that says, "we are changing the variable default APR because"
1) you didn't make the minimum payment
2) you made a payment to us that is not honored.
I called Citi and they say I have a flawless record, and that this is a "COMPANY-WIDE" change. If that's the case, then why don't they say it's a policy change to make more money. Don't make it sounds like it was the customer's fault.

URGENT WORLDWIDE ALERT: Jim still hasn't been able to get his money from the $100,000 CD that he took out in 1997 for his GRANDCHILDREN'S college education!!!

Simply go to the- WELLS FARGO page of this site and read his Rip Off Report, and his most recent Update!

POWER TO THE PEOPLE

The banks are doing this to everyone, and they are all in cahoots together. I don't understand how they think it makes sense to raise people's interest rates, tack on additional fees, and increase minimum payments when a customer has an excellent track record with a bank. It is like a vicious cycle, they cover their defaults of poor paying customers on the backs of their good creditworthy customers, which in turn has a negative effect on many of them and then they default and they repeat the cycle all over again. What kind of business model is this? It pisses me off that they take our federal tax dollars (mine and your money) and then as another kick in the face screw us with these rediculous increases.

And we are supposed to "understand"? There are many, many Americans like myself who are hopeing and praying that these banks will all come tumbling down. You know, what goes around, comes around, and these unscrupulous and uncaring banks will get theirs in the end. If everyone in American would just stop paying their credit card bills, we could bring about their demise much faster. After all, there is no way in hell that they can sue all of us....

I had the same thing done to me after being a customer for 25 years with no lates. I did opt to close the account.

I hear the employees, but I also can read. Citi just got a 46 Billion dollar bail out and the feds lowered the rates it pays for money to almost nothing, so in return for all that taxpayer money it raises rates on customers who pay thier bills. As far as I'm concerned Citi can burn to the ground. And its executives can rot, wrapped in their million dollar bonuses.

Unfortunately, no one reads that nasty little credit agreement. It's crazy, but, we all agreed that the company can increase the APR, decrease our credit line or close our account at any time with no reason. Make sure you do what the employee above said to do; Call the company and opt out!!!!

I work for a finance company and we have also raised interest rates. This is due to increased company cost and also due to the increase in the delinquency of accounts.

As a side note. A high credit score will give an opportunity to get lower interest however a high score does not mean someone is qualified for a loan. Many people seem to think that just because they have a high score they should get a loan. Not only do you need good credit which means good payment history on sufficient account but you also have to have the capacity to repay the loan.

The new change in terms is not directed at you. I have seen where some customers are being increased to a 32% APR. This is the cost of doing business. They have even begun laying off employees, pay cuts and making us supply our own pens, paper, etc. The company is trying to stay a float while helping the families of people who still work with the company and making it possible for people like you to be able to charge with credit. It may seem high, but if they didn't do what they are doing I probably wouldn't have a job. I need my job to support my family just like you and everybody else out there. You have the right to opt out, so if you don't want to except the new terms opt out. Call customer service and ask why the rates are going up, instead of assuming its you. Have a little respect while you do it, because the person on the other end of that line is human just like you and is giving the information as it is available.